ISTANBUL
The Institute of International Finance (IIF) managing director said on Wednesday that Turkey's sound fiscal system and strong banking sector was not a coincidence.
Delivering a speech at a conference entitled "Building Istanbul as a Key Financial Center" organized by IIF, Managing Director Charles Dallara said that building Istanbul as a financial center was a dream in the past, but a dream came true today.
It was important that authorities in Istanbul and Ankara exerted great efforts for this significant project, he said.
Dallara said Turkey's financial system survived in a sound way during global recession, and the country showed what it would exert great efforts to make Istanbul a key financial center.
"Turkey's sound fiscal system and strong banking system is not a coincidence. Sound and proper reforms have been fulfilled in the banking system," he said.
Macroeconomic and structural reforms boosted confidence in the country, he said, adding that important privatization programs have been implemented.
Turkey, which was one of the fastest growing economies in the world, was advancing on the way to become an economic and financial leader globally, he said.
